DGAP-News: Joyou AG: Joyou intends to go public on 30 March 2010
(firmenpresse) - Joyou AG / IPO
22.03.2010 09:30
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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- Expected offer period from 23 March 2010 to 26 March 2010
- One of the leading single-brand faucet manufacturers in China with market
share of 8.1% in 2008
- Strategic partnership with Grohe
- Strong sales growth and sustained net earnings margin of more than 12.9%
Frankfurt, 22 March 2010. Joyou AG, a leading manufacturer for faucets and
a specialist for other sanitary ware products in China, intends to go
public on 30 March 2010. Joyou aims to obtain a listing on the Regulated
Market (Prime Standard) of the Frankfurt Stock Exchange.
The Offering consists of a public offering in Germany and Luxembourg and
private placements to institutional investors outside Germany, Luxembourg
and the United States. It consists of up to 8,050,000 no par value ordinary
bearer shares (Inhaberstückaktien) of Joyou AG, each having a notional
amount of the share capital of EUR 1.00 and each vested with full dividend
rights for the entire financial year 2010. Of this amount, up to 7,000,000
no par value ordinary bearer shares originate from a capital increase
against cash contributions. Thecompany aims to raise more than EUR 100
million from the capital increase. Up to 1,050,000 no par value ordinary
shares will be made available by the Greenshoe Shareholders in connection
with a potential over-allotment (Greenshoe).
The offer period is expected to begin on 23 March 2010 and to end on 26
March 2010. On the last day of the offer period, retail investors may
submit offers to purchase shares until 12:00 noon and other investors until
6:00 pm (CET).
Macquarie Capital (Europe) Limited and China International Capital
Corporation Hong Kong Securities Limited (CICC) are acting as Joint Global
Coordinators and Joint Bookrunners. WestLB AG and DZ BANK AG are acting as
Co-Lead Managers.
Proceeds will finance further expansion
Joyou plans to use the net proceeds that it will receive from the sale of
the new shares to finance the further expansion of Joyou. In particular,
Joyou plans to acquire a ceramic sanitary ware company, to establish new
production facilities for certain sanitary ware products, to expand its
faucet production capacity and to establish galvanization lines for
showerheads. The company also plans to establish approximately 1,000
additional retail points ofsale in China, a dedicated brand advertising
campaign with its brand ambassador in China, Guo JingJing, a well-known
Chinese athlete, and to finance other corporate purposes such as the
strengthening of financial, IT and risk management systems.
One of the leading single-brand faucet manufacturers in China
Joyou is one of the leading single-brand manufacturers of bathroom, kitchen
and other faucets in China in terms of revenues with an estimated market
share of 8.1% in 2008 (according to BSRIA, China Bathroom 2009). The
company was founded over 20 years ago and has established an extensiveretail distribution network in China with 2,527 retail points of sale (as
of 31 December 2009). The size of its production facilities enables Joyou
to benefit from economies of scale by sourcing raw materials, finished
products and production equipment more cost efficiently as it can purchase
theseitems in larger quantities. Joyou intends to double the number of its
retail points of sale in the next three to four years with a special focus
on flagship stores and exclusive stores. The current trend to urbanization,
rising wealth and retail consumption levels as well as the growth of the
Chinese middle classes are expected to have a favourable impact on the
sanitary ware industry in China and on Joyou's business.
Strategic partnership with Grohe
In October 2009, Joyou entered into a distribution agreement with Grohe
under which Joyou agreed to act as a distributor for Grohe branded products
on the Chinese market. For such purposes, Joyou intends to open
approximately 500 points of sale in 2010. Joyou is currently in the process
of signing up respective regional distributors and envisages the first shop
to be opened in Xian at the end of March 2010. The company also intends to
use to a limited extent its existing distribution networks to market Grohe
and Joyou branded products jointly in certain larger points of sale.
International expansion
Currently Joyou generates approx. 80% of sales in the fast growing Chinese
sanitary ware market and China will remain the main focus of the company's
activities. Joyou is considering entering selected overseas markets in the
medium-term with a strong partner or with its own sales personnel to sell
its own brand products, as the company believes that there are business
opportunities for high-quality products such as its own brand products at
competitive prices.
Strong sales and profit growth rates
Joyou's total revenues increased from EUR 44.9 million in 2007 to EUR 135.0
million in 2008 and to EUR 172.3 million in 2009, corresponding to a
compound annual growth rate of 96% over this period. The operating profit
(EBIT) of Joyou increased by a compound annual growth rate of 97%: from EUR
10.0 million in 2007 to EUR 25.0 million in 2008 and to EUR 39.0 million in
2009. Correspondingly, net profits of the company increased by a compound
annual growth rate of 69%: from EUR 7.8 million in 2007 to EUR 16.1 million
in 2008 and to EUR 22.3 million in 2009. Joyou had an average number of
2,529 employees in 2009.
About Joyou
Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces
and sells faucets and other sanitary ware products in China under its brand
name 'Joyou' and is also engaged as a OEM/ODM-manufacturer for
international brands and trading companies in the United States and Europe
as well as other emerging markets. Joyou is one of the leading single-brand
manufacturers of bathroom, kitchen and other faucets in China in terms of
revenues (according to BSRIA). Joyou has established an extensive
distribution network in China with 2,527 retail points of sales as of 31
December 2009. Joyou's operating facilities are based in Nan'an near
Quanzhou in Fujian Province in China. Joyou's five main product groups sold
in its own brand business are bathroom faucets, kitchen products, shower
products as well as other bathroom products and other faucets and sanitary
hardware. In 2009, Joyou realised group revenues of EUR 172.3 million, an
operating profit (EBIT) of EUR 39.0 million and a net profit of EUR 22.3
million employing on average 2,529 persons.
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to
buy securities of Joyou AG. The offer is being made solely by means of, and
on the basis of, the published securities prospectus (including any
supplements thereto). An investment decision regarding the publicly offered
securities of Joyou AG should only be made on the basis of the securities
prospectus. The securities prospectus is available free of charge from the
Company (fax number +49-(0) 40 60 91 86 60), the syndicate members (fax
number +49-(0) 69 7474 9797) or on the Company's website (www.joyou.com).
This document is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States. The shares of Joyou
AG (the 'Shares') have not been registered under the U.S. Securities Act of
1933, as amended (the 'Securities Act') and may not be offered or sold in
the United States unless registered under the Securities Act or pursuant to
an exemption from such registration. There will be no public offering of
the Shares in the United States and the Shares will not be registered under
the Securities Act.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'relevant persons'). The Shares are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
This document has been delivered to you on the basis that you are a person
into whose possession this document may be lawfully delivered in accordance
with the laws of the jurisdiction in which you are located and you may not
deliver this document to any other person and you agree not to copy or
retransmit this document or its contents. In particular, this document may
not be forwarded or retransmitted to any person located in the United
States, Canada, the People's Republic of China or Japan.
The information in this document is subject to change and does not purport
to be a complete description of new shares or the offer. The syndicate
banks accept no liability whatsoever for any direct or consequential loss
arising from the use of this document. To the maximum extent permitted by
law, the syndicate banks and their respective directors, officers and
employees shall have no liability whatsoever for any loss or liability of
any kind arising in respect of the information contained, or not being
contained, in this document. The syndicate banks and their respective
directors, officers and employees may, from time to time, have long or
short positions in, buy or sell (on a principal basis or otherwise), and
may act as market makers in, the securities or derivatives, or serve as a
director of any companies mentioned herein. In addition, the syndicate
banks may be serving or have served as a corporate adviser and/or manager
of a public offering of securities by any such company. The syndicate banks
will receive fees for acting in that capacity.
Macquarie Capital (Europe) Limited is not an authorised deposit-taking
institution for the purposes of the Banking Act 1959 (Commonwealth of
Australia), and Macquarie Capital (Europe) Limited's obligations do not
represent deposits or other liabilities of Macquarie Bank Limited ABN 46
008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide
assurance in respect of the obligations of Macquarie Capital (Europe)
Limited.
For further information, please contact:
Kirchhoff Consult AG
Dr Kay Baden, phone: +49 40 60 91 86 0, baden(at)kirchhoff.de
Janina Wismar, phone: +49 40 60 91 86 50, janina.wismar(at)kirchhoff.de
or visit the company website at: http://www.joyou.com
22.03.2010 09:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Joyou AG
Chilehaus A, Fischertwiete 2
20095 Hamburg
Deutschland
Phone:
Fax:
E-mail: ian.oades(at)joyou.net
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulierter Markt in Frankfurt (Prime Standard)
Notierung vorgesehen / designated to be listed
End of NewsDGAP News-Service
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